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Earthquake Insurance went from $573 to $372
Old 05-17-2012, 09:30 AM   #1
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Earthquake Insurance went from $573 to $372

That was a surprise. Anyone know why?
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Old 05-17-2012, 09:33 AM   #2
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Might this have something to do with it?

http://www.earthquakeauthority.com/U...e%20031010.pdf

Excerpt:

Quote:
SACRAMENTO – California Earthquake Authority CEO Glenn Pomeroy testified today before the U.S. House of Representatives Subcommittee on Housing and Community Opportunity and Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, in support of H.R. 2555 (specifically Title II), which would allow the CEA to lower its earthquake insurance rates and policy deductibles. The subcommittees met jointly to examine this legislation.
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Old 05-17-2012, 09:59 AM   #3
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Hmmm. We might consider adding it back on.

We cancelled it after my husband (an architect) did some seismic retrofit to our 60's era house. (Adding more sheer walls, better bolts/strapping to the foundation, better diagonal bracing - making all the corners rigid.) Also we found out when we built our granny flat we have "good dirt" - so little chance of liquification.

But that's getting down to a price it might be worth adding back in.
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Old 05-17-2012, 10:46 AM   #4
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rodi, my husband is an architect too.

When we looked at earthquake insurance on Bainbridge Island (before the shake a few years ago) we found that the deductible was untenability large for the cost. His approach was to design our house as if it sat on the side of SA fault and pass on the insurance. As a result when that shake did happen only a couple dry wall tape joints were disturbed.
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Old 05-17-2012, 11:01 AM   #5
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Quote:
Originally Posted by TromboneAl View Post
That was a surprise. Anyone know why?
Was there a change in coverage terms?
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Old 05-17-2012, 01:04 PM   #6
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rodi, my husband is an architect too.

When we looked at earthquake insurance on Bainbridge Island (before the shake a few years ago) we found that the deductible was untenability large for the cost. His approach was to design our house as if it sat on the side of SA fault and pass on the insurance. As a result when that shake did happen only a couple dry wall tape joints were disturbed.
I have friends on Bainbridge - what a beautiful place.
I used to live up the road in Bellingham back in the 90's.
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Old 05-17-2012, 03:26 PM   #7
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Old 05-17-2012, 07:42 PM   #8
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Was there a change in coverage terms?
No, it looks the same.

Every year I agonize over this, since the house is pretty new, bolted down, etc., and every year I cave and buy it. This year, no agonizing.
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Old 05-17-2012, 11:58 PM   #9
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Quote:
SACRAMENTO – California Earthquake Authority CEO Glenn Pomeroy testified today before the U.S. House of Representatives Subcommittee on Housing and Community Opportunity and Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, in support of H.R. 2555 (specifically Title II), which would allow the CEA to lower its earthquake insurance rates and policy deductibles. The subcommittees met jointly to examine this legislation.
Which California earthquakes is this Pomeroy guy an authority on? Did any of the California earthquakes assist in his training & examinations before he was deemed qualified to be an authority?

Did any earthquakes testify before this subcommittee?

So, Al, after the next earthquake will you be expecting the state of CA to help you repair the damage?
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Old 05-18-2012, 12:19 AM   #10
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Which California earthquakes is this Pomeroy guy an authority on? Did any of the California earthquakes assist in his training & examinations before he was deemed qualified to be an authority?

Did any earthquakes testify before this subcommittee?

So, Al, after the next earthquake will you be expecting the state of CA to help you repair the damage?
We all know how fiscally responsible the fine legislators are in CA (I live here), so I'm SURE it is a sensible financial decision for the state.
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Old 05-18-2012, 04:09 PM   #11
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We live in the Charleston SC area and ours went up. Charleston had a big one in 1886.
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Old 05-18-2012, 04:39 PM   #12
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Ours has doubled over the last six or seven years, but it's still less than half your new rate. Insurance companies seem to have a dartboard just for determining earthquake premiums.
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Old 05-19-2012, 01:15 AM   #13
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Insurance companies seem to have a dartboard just for determining earthquake premiums.
Part of it is a grab for market share (where they lose a little on each transaction in hopes of making it up on volume) and part of it is the price of laying off their risk on the re-insurance companies.

From reading the annual reports of insurance companies, I think they'd save a lot of time & money by firing their actuarial analysts and statisticians and just saying "We use a dartboard". Probably get better results, too.
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